Archive for August, 2013

The U.S. Department of Energy’s Water Power Program has awarded two grants to RME as follows:

1. Advanced Controls: RME and project partners the University of Michigan and Re Vision Consulting LLC will develop a feedback control algorithm for RME’s wave energy converter device. The algorithms will factor in wave dynamics and local data, ultimately establishing a decision system sensitive to wave forecasts and measurement errors. RME estimates the control system, upon completion and validation in one of its full‐scale SurgeWECTM wave energy devices, will produce improvements in capture efficiency, capacity factor, and energy cost. The total value of this project is $1,360,000.

2. Next‐Generation Power Take‐Off System: RME will collaborate with ABB, Inc. and Texas A&M University to build a compact direct‐drive generator and demonstrate its viability in RME’s SurgeWECTM wave energy device. When complete, the new generator will allow replacement of Resolute’s existing hydraulic power take¬off system with an electrical power take‐off system resulting in a lower cost of energy through increased operation time. The total value of this project is $2,500,000.

RME CEO Bill Staby remarked: “We are pleased that we and our partners were selected out of an extremely competitive field.” “We look forward to getting started as soon as possible so we can accelerate our commercialization schedule for our Yakutat, AK project.”

RME is pleased to announce that Concord, MA based Vodia Ventures has invested in a convertible note issued by the company. RME CEO Bill Staby said; “We are very pleased to be working with Vodia Ventures because our objectives are closely aligned i.e. to offer our investors excellent risk-adjusted financial returns while, at the same time, providing tangible social and environmental benefits.”